Fastmarkets’ weekly price assessment for steel scrap 5C loose old light domestic, delivered inter-merchant UK
, was £170-190 ($233-260) per tonne on Friday, unchanged from the previous week.
The relative tightness in European scrap availability and the relatively steady demand in deep-sea markets for scrap from Europe - such as to India, Pakistan and Turkey - have encouraged exporters in Europe to resist steeper price cuts.
“The UK market seems to be stagnant at the moment. Scrap flows seem established, and material is coming in," one major scrap processor said. "We have not seen any competitor movements up or down and as such, we have maintained the same [price] levels as last week,” he said, adding that “margins are tight on 5C grade [light iron], but we think these will be here to stay for the whole of the...